Africa’s Fastest Growing Economies

Generally and on the face of it, 2018 is going to be a good year for sub Saharan Africa’s economies. The World Bank forecasts growth of 3.2% for the year, up from 2.4% in 2017. It also predicts slightly higher growth for 2019 of 3.5%.

Africa really has the ideal conditions for steady economic growth. A skyrocketing population made up of predominantly younger people is the perfect recipe for a booming economy. African’s overall population has increased by more than 30 million – 1,256,268,025 in 2017 versus 1,287,920,518 in 2018.

The region’s growth is generally regarded as higher, at 5%, if you exclude the big three economies of Nigeria, Angola, and South Africa. The first two, as the continent’s largest oil producers, should see accelerated expansion as oil prices recover this year.

The World Bank says South Africa will expand by 1.1% compared with 0.8% last year while Nigeria should grow by 2.5% from 1% in 2017. Angola will expand by 1.6%.

And here’s the top 10 list of fastest growing economies in Africa 2018, starting from last:

10. Niger (5.1% growth)

9. Benin (6% growth)

8. Burkina Faso (6% growth)

7. Ghana (6.3% growth)

6. Tanzania (6.4% growth)

5. Djibouti (6.7% growth)

4. Senegal (7% growth)

3. Rwanda (7.2% growth)

2. Ivory Coast (7.4% growth)

1. Ethiopia (8.5% growth)

According to International Monetary Fund’s 2019 economic outlook, the best performing African countries will be:

Ethiopia – 8.3%

Rwanda – 7.8%

Ghana – 7.6%

Ivory Coast (Cote d’Ivoire) – 7.1%

Senegal – 7%

The same data also forecasts that the sub-Saharan African region manages to achieve a GDP growth of 3.7%, ranking it at the 9th place from all regions across the world. Unsurprisingly though, Ethiopia tops all predictions when it comes to African countries and their associated economic growth in the coming year.

Conclusion:

The growth of Ghana & Ethiopia is very commendable considering the fact that both region is being ruled by a vast commendable leadership. There is always a dot connecting good leadership & the growth of an economy.